Melissa Young, MD talks in Physician Practice, about her transition from an employed physician to a solo practitioner and some of the important business skills she needed to learn.
The large majority of people who go into the practice of medicine are not business-minded people. Even the ones who choose their field because they think they will have a comfortable life generally don’t know the ins and outs of running and growing a business; at least not to the same degree as most other businesses.
This became incredibly clear to me as I transitioned from being an employed physician to being a solo private practitioner. I turned to friends and colleagues for advice. I asked about payer contracts and rates. I asked about suppliers. I asked about regulations and compliance. And almost invariably I was told that they don’t know the answers. Nobody knew what they were getting paid for what.
Read the entire article Financial Leverage for Physicians: Collaboration is Key on Physician Practice.